Linkwell CORP

CIK:0001042463|SEC Filings

LINKWELL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2011	Sep. 30, 2012
Revenue:
Revenues	$ 2,334,187			$ 3,445,279
Revenues - related parties	3,078,402			6,434,678
Total revenues	5,412,589			9,879,957
Cost of revenues	2,777,161			5,235,249
Gross profit	2,635,428			4,644,708
Operating expenses:
Selling expenses	438,116			731,309
General and administrative expenses	747,631	82,617	113,585	1,610,294
Total operating expenses	1,185,747	82,617	113,585	2,341,603
Income (loss) from operations	1,449,681	(82,617)	(113,585)	2,303,105
Other income (expenses)
Other income	1,245			34,503
Interest expense	(32,736)			(57,709)
Total other income (expenses)	(31,491)			(23,206)
Income (loss) before income taxes	1,418,190	(82,617)	(113,585)	2,279,899
Income tax expense	(281,839)			(480,929)
Net income (loss) including noncontrolling interest	1,136,351	(82,617)	(113,585)	1,798,970
Less: Net loss attribute to noncontrolling interests:	128,847			210,347
Net income attributable to LWLL	1,007,504	(82,617)	(113,585)	1,588,623
Other comprehensive income (loss):
Net income (loss)	1,136,351	(82,617)	(113,585)	1,798,970
Foreign currency translation adjustments	(50,447)			(139,895)
Comprehensive income (loss)	$ 1,085,904	$ (82,617)	$ (113,585)	$ 1,659,075
Basic and diluted income per common share:
Basic earnings per share	$ 0.01			$ 0.01
Diluted earnings per share	$ 0.01			$ 0.01
Weighted common shares outstanding- basic and diluted
Basic	119,605,475			119,605,475
Diluted	119,605,475			119,605,475

LINKWELL CORPORATION AND SUBSIDIARIES STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (113,585)	$ 1,798,970
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock based compensation		104,301
Depreciation and amortization		213,545
Changes in current assets and liabilities:
Accounts receivable		(678,991)
Accounts receivable - related party		(1,926,942)
Other receivables		(240,452)
Inventories		(28,576)
Accounts payable, other payables and accrued expenses		289,512
Tax payable		315,393
NET CASH USED IN OPERATING ACTIVITIES	(113,585)	(153,240)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for construction in progress		(117,751)
Purchase of fixed assets		(156,949)
Cash acquired from acquisition		653,589
Purchase of real property and mining rights	(3,000,000)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	(3,000,000)	378,889
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in due to related parties	113,585	1,070,858
Investment from shareholders for real property and mineral rights	3,000,000
Payment of note payable extension for real property and mineral rights		(300,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES	3,113,585	770,858
EFFECT OF EXCHANGE RATE ON CASH		(18,260)
NET INCREASE IN CASH		978,247
CASH		978,247
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for taxes		61,808
Cash paid for interest		$ 306,733

LINKWELL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
CURRENT ASSETS:
Cash and cash equivalents	$ 978,247
Accounts receivable, net of allowance for doubtful accounts	3,245,771
Accounts receivable -related parties, net of allowance for doubtful accounts	12,201,611
Due from related party	957,821
Other receivables, net of allowance for doubtful accounts	5,250,009	0
Prepaid expenses and other current assets	692,152
Inventories, net	2,581,713
Total Current Assets	25,907,324
Deferred Compensation	297,151
Investment	1,277,861
Property, plant and equipment, net	2,544,098
Real property and mineral rights	14,250,000	14,250,000
Prepaid for land use right	602,429
Intangible assets	231,141
Total Assets	45,110,004	14,250,000
CURRENT LIABILITIES:
Loans payable	1,577,038
Accounts payable and accrued expenses	3,854,911	5,000
Note payable - short term	5,625,000	5,625,000
Advance from customers	363,677
Taxes payable	487,802
Other payables	181,686
Due to related parties	2,504,329
Total Current Liabilities	14,594,443	5,630,000
Note payable - long term	5,325,000	5,625,000
Total Liabilities	19,919,443	11,255,000
SHAREHOLDERS' EQUITY:
Preferred stock ($0.0005 par value; 10,000,000 shares authorized, 9,581,973 and 0 shares issued and outstanding at September 30,2012 and December 31, 2011 respectively)	4,791	4,791
Common stock ($0.0005 par value, 150,000,000 shares authorized; 119,605,475 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively.)	59,803
Additional paid-in capital	22,771,296	3,108,154
Retained earnings (deficit)	1,470,682	(117,945)
Accumulated other comprehensive loss	(139,895)
Total Linkwell Corporation Shareholders' Equity	24,166,677	2,995,000
Noncontrolling Interest	1,023,884
Total Equity	25,190,561	2,995,000
Total Liabilities and Shareholders'Equity	$ 45,110,004	$ 14,250,000